Date post: | 11-Apr-2017 |
Category: |
Economy & Finance |
Upload: | vizolution |
View: | 116 times |
Download: | 3 times |
An Industry Under Pressure
Price Competition
Declining Profit Margins
Pressure from price
comparison sites
Compliance and Remediation
Commoditised Market
Low switching barriers
£
£
Every customer journey has breaks, whether its stopping the process to get a form signed or at the point of renewal or to request documentation.
A Customer Journey Under Pressure
These temporary stalling points can turn into permanent ones or even a lost customer.
A Motor Insurance Study, by McKinsey identifies these top 4 factors driving customer satisfaction
Employee Courtesy
EmployeeKnowledge
Transparency and ease ofthe process
Speed of claim
settlement
CX – delivering a long term competitive advantage
of organisations expect CX to be their differentiator
more than
A recent Gartner
study found that
in 2017
And predicts by
2018
89%
of organisations will direct their investment to CX innovations50%
Improving CX in Insurance
Delivering best-in-class CX is about breaking down these customer journeys
Mapping out the journeys at a granular level highlights the friction and breaks in a journey
Where are the breaks and stalling
points?
What are unhappy paths
that your customers
experience?
What are the difficult journeys
and where is the friction
happening in these journeys?
What are the uncommon
questions that create stalling
points?
Customers expect to decide
how their buying journey
will happen and they want
organisations to be the facilitators of these journeys not the directors.
Fixing and facilitating
streamlined journeys is the
obvious end game and this is where technology can really transform
a customer experience in
measurable ways.
Omni is the new multi
Providing a smooth transition between channels
is essential whether that’s
moving from self service to agent assistance if the journey requires
it or the other way around, journeys
need to be flexible.
89% of their customers, compared to
33% for the weaker strategies
Research by Aberdeen Group Inc.
Omni channel journeys deliver business benefits
Companies with the strongest omni-channel customer engagement strategies retain an average of:
Compliance is always a thorny issue but essential to building customer trust and protecting the organisation from some of the remediation issues that have badly affected the industry over recent years.
Delivering Transparency and Measuring CX
Finding ways to ensure the customer knows what they are signing and what their products will deliver is especially important and essential to building customer trust and protecting the organisation.
Technology facilitating the customer journey
identifying the breaks is a critical
starting point for improving CX.
using the RIGHT
technology can make all the difference.
whether it’s analysing real time customer data
enabling customers to digitally share and sign documents
connecting up your different channels
IT ALL COMES DOWN TO….
Fixing and facilitating streamlined journeys
Proof that it works
Proof of this has been shown in the German P&C markets where
there has been a direct correlation between
providing a consistent best-in-class customer
experience and profitability.
Source: McKinsey
30% higher profitability than
organisations with inconsistent customer focus
Source: McKinsey
2 to 4 times more
growth in new
business.Source: McKinsey
…so it’s clear that the shift hasn’t gone unnoticed
Hence the Digital Transformation
in the Age of the Digital Insurance Customer Report
shows that:
63% of insurers plan
to improve their online customer
experience